Instagram wants creators to normalise NFTs
Creators agree that they’re equipped to lead the charge. “I see a lot of brands trying to make their own NFT projects and have everybody purchase them the same way that they would a product,” Wilson says. “It would make a lot more sense for them to tap into more individual creatives to create and collaborate with.” This points to the same reason brands engaged independent creators in Web2: consumer trust. “You’re not going to be able to sell your NFTs without the backing of a community in that space ready to support it.”
Significant headwinds
Not everyone is convinced, due to both technical and cultural resistance.
“I don’t think this will be a catalyst for mass adoption of blockchain,” says Forrester’s Bennett, noting that crypto wallet requirements will limit uptake. “It’s worth remembering that most consumers don’t really care about NFTs,” she adds.
Currently, the feature is only supported by the Polygon blockchain, adding another potential friction point. Photographer Wilson’s NFTs to date are in Ethereum. Having participated in an initial trial, she’s not joining this one, in part because of this limitation. Discussions about expansion are underway, Instagram’s Amoruwa says. Forrester’s Bennett doesn’t see an issue here: “[Polygon] is where the centre of gravity is at the moment,” she says. Polygon tokens surged approximately 40 per cent after Meta announced it will use the blockchain for Instagram digital collectibles.
There’s also uncertainty about whether Instagram is the right forum. “What we don’t want is a repeat of Web2, where the autonomy of information and data is driven by big corporate brands,” says digital artist Fung, who is still open to minting on Instagram. “I just hope that power and ownership stays mostly with creators and communities.”
Musician and artist Aluna says that Instagram might not require the learning curve of Web3-native platforms; education has been “essential” to her ability to navigate the space, she says. “If we keep pushing education, we can find a balance.” That said, she thinks it’s a win in that more people will be able to take their first step into the NFT space. “One of the essential developments needed was accessibility, and this is a big step in that direction.”
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